The global automotive premium audio system market
was valued at US$ 98.5 billion in 2017 and is expected to increase to US$ 127.6 billion by 2026, registering a CAGR of 2.7% over the forecast period from 2018 to 2026, according to Automotive Premium Audio System Market Report, by Product Type (6 Disc, 8 Disc, 10 Disc, and 12 Disc), by Application (Passenger Cars and Commercial Vehicles), by Sales Channel Type (Original Equipment Manufacturer and After Market), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by
Rapid growth of the automotive sector, increasing sales of electric cars, and growing preference of consumers for vehicle customization are some of the factors that are expected to significantly impact growth of the global automotive premium audio system market. For instance, according to the IEA International Energy Agency analysis, total number of electric cars on the road surpassed 3 million worldwide, an expansion of over 50% from 2016.
Moreover, development of new audio systems that offer 360-degree listening and increasing demand for self-driving cars that are incorporated with various systems based on Artificial Intelligence technology are also expected to boost the market growth. 360 degree speakers such as Harman Control 80 Series Landscape Loudspeakers provide excellent full-range sound quality and 360-degree coverage. This sound system block surrounding noise to deliver high-quality. Moreover, this premium audio system can be voice-controlled. Therefore, these factors are expected to propel growth of the automotive premium audio system market.
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Key Trends and Analysis of the Global Automotive Premium Audio System Market:
- The automotive premium audio system market in Europe is expected to witness significant growth over the forecast period. This is owing to increasing sales of passenger cars, especially in countries such as Germany and the U.K. For instance, according to OICA, in 2016, around 3,351,607 units of passenger cars were sold in Germany, which increased to 3,442,100 units in 2017.
- Asia Pacific is expected to be the fastest growing market in the automotive premium audio system market over the forecast period. Increasing production of vehicles and high demand for electric vehicles in economies such as China and Japan are expected to drive growth of the market in Asia Pacific. According to the International Energy Agency’s Global EV Outlook, China led the electric vehicles market in 2016, accounting for sales of over 40% of the electric cars worldwide. Therefore, increasing sales of electric vehicles is expected to propel demand for automotive premium audio system, thereby boosting the market growth over the forecast period.
- Major players operating in the global automotive premium audio system market include, Bose Corporation, Bowers & Wilkins, Harman International Industries, Inc., Klipsch Audio Technologies, Bang & Olufsen, Alpine Electronics, Inc., Sonos, Onkyo Corporation, Panasonic Automotive System, Blaupunkt GmbH, and QSC, LLC.